LEARNING OBJECTIVES FOR ENTREPRENEURSHIP COURSES

[Pages:38]LEARNING OBJECTIVES FOR ENTREPRENEURSHIP COURSES

Fran?ois Brouard 1, DBA, FCPA, FCA Sprott School of Business, Carleton University

Entrepreneurship courses at Sprott School of Business are divided into a five courses sequence. The focus of each courses are: - BUSI2800 focus is on idea generation, identification and validation, business models, initial

strategies and screening. - BUSI3600 focus is on functional areas and tools for implementing new ventures and

managing small businesses. - BUSI3810 focus is on strategy, marketing strategies, financial strategies, growth, expansion

and exit options. - BUSI3820 focus is on designing a business project, including preparing a business plan. - BUSI4810 focus is on implementation and operational challenges of starting a business.

The aim of this list is to help students in focusing their learning on the vast domain of entrepreneurship. Similar as the Chartered Professional Accountants (CPA) Candidates' Competency Map, three distincts and increasingly higher levels of proficiency are identified. Level C requires the lowest proficiency, whereas Level A requires the highest. The learning objectives for each course are listed under the following themes:

BUSI2800 - ENTREPRENEURSHIP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Overall Course Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Entrepreneurship Basic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Becoming an Entrepreneur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Building an Entrepreneurial Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Discovering Opportunities: Idea Generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Discovering Opportunities: Market Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Discovering Opportunities: Innovation Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Business Vision, Mission, Identity and Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Business Models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

1 Prepared with the collaboration of Tom Duxbury, P.Eng., MBA, CMA, Diane Isabelle, P.Eng., MBA, Ph.D., and some members of the Sprott Entrepreneurship Committee (SentC) (Ahmed Doha, Sana Mohsni, Michel Rod).

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[Note - Learning Objectives for Entrepreneurship courses]

Opportunity / Idea Screening . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Market Screening . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Feasibility Screening . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Legal Form of a Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Financial Concepts for Entrepreneurs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Entrepreneur Self-Promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Structure 2800 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

BUSI3600 - ENTREPRENEURIAL STRATEGIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Overall Course Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Entrepreneurs and SME Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Business Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Entry Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Strategic Approach and Competitive Advantage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Entrepreneurial Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Marketing Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Communication Strategies and Public Relations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Management of Financial Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Management of Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Management of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Management of Product / Service Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Legal Dimensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Governance Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Evaluating Business Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Structure 3600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

BUSI3810 - BUSINESS DEVELOPMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Overall Course Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Basic Concepts on Business Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Business Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Strategic Intelligence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Marketing Strategies: Orientation and Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Marketing Strategies: Marketing Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Marketing Strategies: Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Marketing Strategies: Sales Execution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Marketing Strategies: Local, National, International Opportunities . . . . . . . . . . . . . . . . . . . 23 Marketing Strategies: Forecasting Demand and Evaluating Performance . . . . . . . . . . . . . . . 24 Financing Strategies: Basic Concepts and Needs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Financing Strategies: Types and Sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Financing Strategies: Choices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Financing Strategies: Structure, Legal Aspects and Valuation . . . . . . . . . . . . . . . . . . . . . . . 26 Transitions and Harvesting the Wealth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Structure 3810 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

BUSI3820 - PRACTICUM IN BUSINESS DESIGN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Overall Course Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

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Business Model: Canvas and Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Business Model: Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Feasibility Study: General Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Feasibility Study: Market Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Feasibility Study: Organizational Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Feasibility Study: Technical Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Feasibility Study: Financial Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Business Plan: General Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Business Plan: Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Business Plan: Management Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Business Plan: Product / Service Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Business Plan: Industry and Market Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Business Plan: Marketing Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Business Plan: Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Business Plan: Operations Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Business Plan: Development Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Business Plan: Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Business Plan: Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Evaluation of a Business Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Presentation of the Business Plan / Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Structure 3820 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

BUSI4810 - PRACTICUM IN BUSINESS CREATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Overall Course Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Basic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Evaluation of a Business Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Management Issues: Practical Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Management Issues: Organizational . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Management Issues: Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Management Issues: Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Management Issues: Financial Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Management Issues: Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Management Issues: Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Management Issues: Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Management Issues: Legal Dimensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Exit Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Evaluating Business Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Structure 4810 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

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[Note - Learning Objectives for Entrepreneurship courses]

BUSI2800 - ENTREPRENEURSHIP

This overview course goes through the basics of entrepreneurship. Emphasis is placed on idea generation and identification, business models, initial strategies and feasibility. A number of organization types will be studied.

Overall Course Objectives

LO no

Learning objectives

Gain knowledge of a broad range of topics related to entrepreneurship and entrepreneurial strategies

A-1-1 Gain knowledge on entrepreneurial potential as an individual

A-1-2 Gain knowledge on discovering opportunities

A-1-3 Gain knowledge on business models

A-1-4 Gain knowledge on opportunities / ideas screening

A-1-5 Gain knowledge on basic entrepreneurial issues

Develop critical thinking skills to solve real life Entrepreneurship and SME problems

A-1-6 Develop critical thinking skills to solve real life Entrepreneurship and SME problems

A-1-7 Develop critical thinking skills on developing a career as entrepreneurs

Italics are proposed learning objectives in the Course sheet approved by Sprott Faculty Board (February 2011).

Entrepreneurship Basic Concepts

LO no

Learning objectives

A-2-1 Define the concept of entrepreneurship

A-2-2 Define the concept of intrapreneurship

A-2-3 Distinguish between entrepreneurship and intrapreneurship

A-2-4 Define the concept of social entrepreneurship

A-2-5 Examine the historical development of entrepreneurship

A-2-6 Describe role of entrepreneurship in the economy

A-2-7 Describe different types / orientation of organizations

A-2-8 Describe different sectors and industries

A-2-9 Describe the entrepreneurial process

Level A

B C

B C

B B

C A

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[Note - Learning Objectives for Entrepreneurship courses]

Becoming an Entrepreneur

LO no

Learning objectives

A-3-1 Define the concept of entrepreneur

A-3-2 Classify different types of entrepreneurs and entrepreneurial ventures

A-3-3 Describe the dimensions of entrepreneurial orientation

A-3-4 Take a look at yourself and identify your strengths, weaknesses

A-3-5 Identify the skills and characteristics of successful entrepreneurs

A-3-6 Identify key entrepreneurial motivations

A-3-7 Understand what it takes to be an entrepreneur and intrapreneur

A-3-8 Identify your entrepreneurial quotient

A-3-9 Discover why you might want to become an entrepreneur

A-3-10 Discover what success means to you

A-3-11 Learning to deal with uncertainty

A-3-12 Formulate a personal vision

A-3-13 Discuss perspective of entrepreneurs as potential leaders in society

A-3-14 Identify rewards and drawbacks of entrepreneurial careers

A-3-15 Assess and measure your entrepreneurial potential

Building an Entrepreneurial Team

LO no

Learning objectives

A-4-1 Understand the need to build an entrepreneurial team

A-4-2 Understand cooperation principles

A-4-3 Understand how to manage a team

A-4-4 Understand the value of an advisory board and external advisors

A-4-5 Understand the role of a mentor

A-4-6 Develop tactics for finding the right advisors (accountant, lawyer)

Level A A

B B B A B B B

C B

C C B B

Level A

B B B B

C

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[Note - Learning Objectives for Entrepreneurship courses]

Discovering Opportunities: Idea Generation

LO no

Learning objectives

A-5-1 Define idea

A-5-2 Define idea generation

A-5-3 Define opportunity

A-5-4 Distinguish between needs and wishes

A-5-5 Distinguish between ideas and opportunities

A-5-6 List the different forms that entrepreneurial opportunity can take

A-5-7 Identify trends and market signals that will create opportunities

A-5-8

Understand changing environmental trends (economic, social, technological, political, regulatory and demographic changes)

A-5-9 Identify sources of ideas for new ventures

A-5-10 Discuss creativity and the techniques for creative problem solving

A-5-11 List several factors that influence creativity

A-5-12 Discover techniques for idea generation (brainstorming)

A-5-13 Discover techniques for idea generation (blue ocean strategy)

A-5-14 Use different techniques to discover business opportunities

Level B B B B

A C

B B

A B C

A B B

Discovering Opportunities: Market Approach

LO no

Learning objectives

A-6-1 Identify trends and market signals that will create opportunities

A-6-2 Discover market forces that underlie the trends

A-6-3 Use diagrams and mind maps to explore market segmentation

A-6-4 Connect personal vision and values with market opportunities

A-6-5 Understand customer profiling

A-6-6

Combine demographic (population) data with psychographic (picture of a lifestyle) data to produce a customer profile

Level A A

B C C C

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[Note - Learning Objectives for Entrepreneurship courses]

Discovering Opportunities: Innovation Approach

LO no

Learning objectives

A-7-1 Define innovation

A-7-2 Describe types of innovation

A-7-3 Describe dimensions of innovation

A-7-4 Identify trends and technical signals that will create opportunities

A-7-5 Understand how problems can be turned into opportunities

A-7-6 Discover ways to create uniqueness through service and product change

A-7-7 Explain the product life cycle

A-7-8 Describe product / service design issues

A-7-9 Understand resistance to change

Business Vision, Mission, Identity and Values

LO no

Learning objectives

A-8-1 Define and explain the notions of vision

A-8-2 Define and explain the notions of mission

A-8-3 Analyze actual visions and missions

A-8-4 Define and explain the notion of identity

A-8-5 Define and explain the notion of values

Business Models

LO no

Learning objectives

A-9-1 Define a business model

A-9-2 Explain the buildings blocks of a business model

A-9-3 Give examples of business model types

A-9-4 Define value proposition

A-9-5 Define market segment

A-9-6 Describe value chain structure (value creation)

A-9-7 Describe cost structure and profit potential

A-9-8 Explain how a business model make money

Level B B B B

A C

B C

B

Level B B C C

A

Level A A

B A A A

B A

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LO no A-9-9

A-9-10 A-9-11 A-9-12

Learning objectives Examine the personal, social, political and economic constraints on starting a business Identify heavy users of your product or service Investigate a member-owned buying group as an alternative business model Appreciate the world of franchising

Level B

B C C

Opportunity / Idea Screening

LO no

Learning objectives

A-10-1 Describe the purpose of an opportunity screening

A-10-2 Describe possible criteria for screening

A-10-3 Understand how to analyze the potential for small business success by applying the life-cycle yardstick to industries, products, services, and locations

A-10-4 Develop your research and information-gathering skills

A-10-5 Understand the process of iterative opportunities

Level B

A B

B A

Market Screening

LO no

Learning objectives

A-11-1 Define customer

A-11-2 Distinguish customer and consumer

A-11-3 Review the 4Ps of product marketing (Product, Price, Promotion, Place) and 4Ps of service marketing (People, Processes, Physical Evidence, Productivity)

A-11-4 Explain the notion of industry

A-11-5 Explain the notion of market

A-11-6 Assess the market value of an ongoing business

A-11-7 Define Total available market (TAM)

A-11-8 Define Served available market (SAM)

A-11-9 Define Target market (TM)

A-11-10 Understand the process for customer validation

Level A A

B

B B

C A A A A

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[Note - Learning Objectives for Entrepreneurship courses]

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